JPMorgan (NYSE: JPM) has plans to claw back millions worth of stock from executives in the CIO unit involved in the botched 'London Whale' trades. Trading losses as a result of the ill-fated trades are estimated to be an eye-popping $4-6 billion. The claw backs will target the Whale himself, Bruno Iksil, along with former CIO head, Ina Drew, and other employees and former employees at the bank. The planned claw backs will be on certain stock awards worth millions, according to reports out of the WSJ.

JPMorgan CEO, Jamie Dimon, is expected to announce the exact amount of the trading losses on Friday with second quarter results. Reports say JPM has already closed out up to 90 percent of its trading positions. Despite the loss, the bank is expected to show a profit for the quarter. JPMorgan could also announce the exact amounts of the proposed employee compensation claw backs on Friday

It will be interesting to see exactly how the new Dodd-Frank claw back regulations play out in the real world. If JPMorgan goes through with the claw banks in a meaningful way, it could be a shot across the bow at other Wall Street banks, as other traders would risk being exposed to losses that may or may not be within their power to control.